This is Part 4 of the series discussing the Anti-Money Laundering Act of 2020, commonly known as the Corporate Transparency Act (the Act), the intent of which is to assist in the collection of beneficial ownership data on corporate entity bank customers. Part 2, available here, discussed the reasons for the establishment of the Bank Secrecy Act (BSA) and the reason for the enactment of the Corporate Transparency Act in 2020. It also discussed the information that is currently collected by banks and that must be reported to a central data agency of the Financial Crimes Enforcement Network (FinCEN) over the course of the next two years. Part 3, available here, discussed the wide range of exclusions from the reporting requirements, including those for public companies as well as companies that have more than 20 full-time employees, report more than $5 million in yearly revenue to the Internal Revenue Service, and have an operating presence at a physical office within the United States. Continue reading >